EURUSD: Slow recovery

The EURUSD remains volatile around 1.07496. It is a difficult question whether the European Central Bank will continue to raise interest rates or suspend its record pace of raising interest rates. Since July 2022, the European Central Bank has raised interest rates from negative to 3.75%. However, it is inclined to the European Central Bank to suspend interest rate hikes, and the possibility of raising interest rates is expected to be about 40%. Expectations are also constantly changing.

Euro USD EURUSD - 4-hour K-line chart shows:

Looking at the 4-hour chart: The bullish momentum at the low level maintains a slow recovery trend, and bullish sentiment in the market gradually emerges. The MACD indicator is in the short area and moves up to hover below the 0 axis, and the RSI indicator is weakly consolidated above the 50 equilibrium line;

Resistance level: 1.07652 1.07817

Support level: 1.07297 1.27126

Trading strategy: Bullish above 1.07423, target 1.07652 1.07817

Alternative strategy: bearish below 1.07423, target 1.07297 1.27126